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USAA P&C Insurance Adjuster Exam Questions and Answers Latest updated
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USAA P&C Insurance Adjuster Exam
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USAA P&C Insurance Adjuster ExamPerils - answer Causes of loss identified in the policy (Fire, lightening, internal
explosion, Wind, Hail, Collision)
Hazard - answer Condition that create or increases the chance or loss or contributes to
the loss
Physical Hazard - answer Visible (operational features of a risk)
Moral Hazard - answer Intentional dishonesty or illegal actions of a person (arson)
Morale Hazard - answer Carelessness or indifference (attitude). Takes additional risks
(negligence)
Pure Risk - answer Chance of loss. Insurable
Law of Large Numbers - answer Law of average. Helps predict future losses accurately
(sets pricing for insurance)
Speculative Risk - answer Chance of gain/loss. NOT Insurable (gambling)
The 4 Parts of an Insurance Contract - answerD.I.C.E
Declarations,
Insuring Agreement,
Conditions,
Exclusions
Declarations - answerWho is insured (dec sheet) Contains:
Policy Number, Premium, Term (Period of Coverage), Policy Limits, Person/Property
Risk - answerThe chance of loss or uncertainty of loss
Direct Loss - answerImmediate actual physical damage to tangible property
Indirect Loss - answerInability to use property as a result of direct Loss ( loss of use)
Conditions - answerDuties or responsibility of both the insured & insurer
Primary Policy - answerThis policy pays FIRST.
Excess Policy - answerThis policy pays AFTER primary has been exhausted
, Pro Rata - answerApplies when both polices are primary, they will pay on a proportional
basis (bigger policy pays more) Equal limits 50/50
Insuring Agreement - answerInsurance Company's promise to pay. Tells us what peril/s
the policy covers
Supplementary Payments - answerB.A.I.L.E.D
Bonds- (Max $250)
Aid- First aid expenses
Internet- Judgements in appeal
Loss of Earnings- Up to $250 per day in defending investigation claim
Expenses- Incurred by the insured to assist in defense of a claim
Defense Costs- Paid with no limit
Insurable Interest - answerThe loss would cause you financial hardship
ISO - answerInsurance Services Office
Policy Territory - answerWhere coverage applies. US, Canada, Puerto Rico
ACV - answerReplacement cost value - depreciation= Actual cash value
Replacement Cost Value - answerTo insure for atleast 80% of the value of the property
Subrogation - answerThe insured gives the insurer legal right to go after the party who
was responsible for the insured's loss
Cancelation Clause - answerCancelled midterm by insured-Short rate refund
Cancelled midterm by Insurer- Pro Rata refund
Assignment - answerInsured requests payment of the claim to 3rd party. Must be made
in writing. Insurer must approve. Not in the case of death
Liberalization Clause - answerNo action needed by Insured. No additional premium to
be paid by the insured. The insurer must offer the enhanced or increased limits of
coverage to all insureds that have like policies
Pro Rata Clause - answerMore than one company provides coverage on the same
property. The bigger policy pays proportionally more than the smaller
Concurrent- Two different policies Insuring the same perils
Nonconcurrent- Two different policies Insuring separate perils
Indemnity - answerNo loss no gain
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